Financial Services (General Insurance Mediation Business (Accounts, Audits, Reports and Solvency)) (Jersey) Order 2005

  • 01 Jan 2019 (Current)
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Financial Services (General Insurance Mediation Business (Accounts, Audits, Reports and Solvency)) (Jersey) Order 2005

Official Consolidated Version

This is an official version of consolidated legislation compiled and issued under the authority of the Legislation (Jersey) Law 2021.

 

Showing the law from 1 January 2019 to Current

 

 


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Financial Services (General Insurance Mediation Business (Accounts, Audits, Reports and Solvency)) (Jersey) Order 2005

Article

PRELIMINARY PROVISION   4

1             Interpretation. 4

ACCOUNTS, AUDITS AND REPORTS  5

2             Accounting period. 5

3             Accounting records. 5

4             Appointment of auditor. 6

5             Auditor to prepare reports. 7

6             Declaration. 7

7             Auditors’ reports. 8

8             Financial statements to be provided. 8

9             Consolidated financial statements. 9

10           Circumstances to be communicated to the Commission by auditors, accountants and others  9

11           Exemption from Articles in this Part. 10

SOLVENCY  10

12           Interpretation. 10

13           Margins of solvency. 12

14           Calculation to be made of margin of solvency. 13

15           Commission to be notified if failure to have margin of solvency. 13

16           Commission may require preparation of financial scheme for purpose of returning margin of solvency  14

17           Contents of financial scheme. 14

18           Approval of financial schemes by Commission. 14

19           Registered person shall comply with requirements of scheme. 15

20           Subordinated loan agreements. 15

CONCLUDING PROVISIONS  15

21           Exemptions. 15

22           Transitional provision – financial statements not previously audited. 16

23           Citation. 17

Table of Legislation History. 18

Table of Endnote References. 18

 

 


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Financial Services (General Insurance Mediation Business (Accounts, Audits, Reports and Solvency)) (Jersey) Order 2005

THE ECONOMIC DEVELOPMENT COMMITTEE, in pursuance of Articles 10, 12, 17, 18 and 42 of the Financial Services (Jersey) Law 1998, on the recommendation of the Jersey Financial Services Commission and after having, as required by Article 18(1) of the Law, consulted the bodies that appear to the Commission to represent the interests of persons described in paragraphs (1)(a) and (b) of that Article, and registered persons, orders as follows –

Commencement [see endnotes]

PART 1

PRELIMINARY PROVISION

1        Interpretation

In this Order, unless the context otherwise requires –

“accounting period”, in respect of a registered person, means the accounting period for that person that is approved in accordance with Article 2;

“auditor”, in respect of a registered person, means the auditor approved by the Commission in respect of that person in accordance with Article 4;

“auditor’s report” means a report prepared in accordance with Articles 5 and 7;

“client”, in respect of a registered person, means –

(a)     a person who has entered into an agreement for services to be provided by the registered person when carrying on general insurance mediation business; or

(b)     a person who has received or may receive the benefit of services to be provided or arranged by the registered person when carrying on general insurance mediation business;

“Commission” means the Jersey Financial Services Commission;

“declaration” means a declaration that complies with Article 6;

“financial statements”, in respect of a registered person, means financial statements prepared in respect of that person that comply with the requirements of Article 8 or 9;

“Law” means the Financial Services (Jersey) Law 1998;

“registered person” means a person registered under the Law to carry on general insurance mediation business.

PART 2

ACCOUNTS, AUDITS AND REPORTS

2        Accounting period

(1)     A person applying under the Law for registration in respect of general insurance mediation business shall, at the same time, apply to the Commission for approval of –

(a)     a period, of not more than 18 months, that is proposed by the registered person to be the first accounting period for the person; and

(b)     the period that is proposed by the registered person to be the accounting period for the person after the end of the first accounting period.

(2)     A registered person shall not change an accounting period without the Commission’s approval.

(3)     A registered person may apply to the Commission for approval of a proposed accounting period for the person in place of an accounting period that is, under paragraph (4), approved in respect of the person by the Commission.

(4)     The Commission shall approve or refuse to approve an accounting period proposed in an application under paragraph (1) or (3).

(5)     The Commission shall only approve, as the accounting period for a registered person after the end of the first accounting period, a period of 12 months, unless it is satisfied that there are reasonable grounds for approving another period.

(6)     A registered person who fails to comply with paragraph (1) or (2) shall be guilty of an offence and shall be liable to a fine.

3        Accounting records

(1)     A registered person shall keep accounting records that –

(a)     show and explain each of the registered person’s transactions in respect of the general insurance mediation business carried on by the registered person;

(b)     enable financial statements to be prepared in respect of the person; and

(c)     are capable of disclosing at any time with reasonable accuracy the person’s –

(i)      financial position, and

(ii)      degree of compliance with any financial resources requirements of the Commission that relate to the person.

(2)     A registered person shall ensure that accounting records kept in compliance with paragraph (1), whether in electronic form or any other form –

(a)     are stored in a way that minimizes any risk of their loss due to theft, fire, flood, corruption or unauthorized erasure;

(b)     are stored in a way that prevents unauthorized access to the records; and

(c)     are backed up or otherwise duplicated so that copies shall be available if the originals are lost, destroyed, corrupted or erased.

(3)     A registered person shall ensure that accounting records kept in compliance with paragraph (1) and the backup copy or duplicate made in compliance with paragraph (2)(c) are kept by the person for at least 10 years from the date the records were made.

(4)     A registered person shall not be taken to have complied with paragraph (1) or (2) by keeping in an electronic form any accounting records, or by keeping in an electronic form any backup copies or duplicates of the records, unless he or she ensures that an electronic device capable of reading the records is provided to a person acting on behalf of the Commission, as soon as reasonably practicable after the person requests the device to be provided.

(5)     A registered person who fails to comply with paragraph (1), (2) or (3) shall be guilty of an offence and shall be liable to a fine.

4        Appointment of auditor

(1)     A registered person shall not employ or engage a person to be an auditor in respect of the person’s general insurance mediation business unless the auditor is approved under paragraph (3) to be the auditor in respect of the person’s general insurance mediation business.

(2)     A registered person who fails to comply with paragraph (1) shall be guilty of an offence and shall be liable to a fine.

(3)     A person may apply to the Commission for approval of a person nominated in the application to be the auditor in respect of the person’s general insurance mediation business.

(4)     The Commission may approve, or refuse to approve, a person nominated in an application under paragraph (3) to be the auditor in respect of a person’s general insurance mediation business.

(5)     The Commission shall approve under this Article an auditor in respect of a registered person only if it is satisfied that, having regard to the type of general insurance mediation business carried on by the registered person, the person is suitable to be an auditor in respect of the registered person.

(6)     If the appointment of an auditor is terminated for any reason, the auditor shall, within 7 days of the termination, provide to the Commission a statement as to whether there are circumstances relating to the termination that should be brought to the Commission’s attention and, if there are, what those circumstances are.

(7)     An auditor who fails to comply with paragraph (6) shall be guilty of an offence and shall be liable to a fine.

5        Auditor to prepare reports

(1)     A registered person shall, as soon as practicable after the end of an accounting period, provide to the person’s auditor financial statements and a declaration in respect of that period.

(2)     The auditor shall prepare reports in respect of both the financial statements and the declaration and provide them to the registered person.

(3)     A registered person who, on being requested to do so by the auditor for the purposes of this Order, fails to give the auditor –

(a)     access at all reasonable times to the person’s records and documents relating to the person’s business; or

(b)     other information, or an explanation, that the auditor considers necessary for the performance of the auditor’s duties under this Order,

shall be guilty of an offence and shall be liable to a fine.

(4)     A registered person, or a person acting or purporting to be acting on behalf of a registered person, who knowingly or recklessly makes a statement to the registered person’s auditor –

(a)     that conveys or purports to convey information or an explanation that the auditor requires or is entitled to require in the course of the auditor’s duties under this Order; and

(b)     that is misleading, false or deceptive in a material particular,

shall be guilty of an offence and shall be liable to a fine.

6        Declaration

(1)     A declaration shall state whether, during the relevant accounting period, the registered person –

(a)     has complied with the requirements of the Law;

(b)     has complied with the requirements of any Order, or of any Code of Practice made under Article 19 of the Law, that apply to the registered person;

(c)     has maintained proper accounting records and adequate systems to enable the registered person to maintain proper accounting records; and

(d)     has complied with the requirements, of all laws relating to money laundering, with which the registered person is required to comply.

(2)     If a registered person has failed to comply with a requirement referred to in paragraph (1) (including paragraph (1)(c)) the declaration must contain details of all material failures and specify any measures taken, or to be taken, by the registered person to ensure that the failures are not repeated.

(3)     A registered person who knowingly or recklessly includes in a declaration a statement that is misleading, false or deceptive in a material particular shall be guilty of an offence and shall be liable to a fine.

7        Auditors’ reports

(1)     An auditor’s report shall be prepared, and the audit leading to that report shall be conducted, in accordance with the Auditing Standards issued by the Auditing Practices Board.

(2)     An auditor’s report that relates to financial statements shall specify whether the statements have been prepared in accordance with this Order.

(3)     An auditor’s report that relates to a declaration shall –

(a)     if, while conducting the audit for the purpose of preparing the report, the auditor became aware of no matter that could be taken as indicating that a statement in the declaration was incorrect, state that this is the case; or

(b)     if the auditor cannot confirm that while conducting the audit for the purpose of preparing the report he or she became aware of no matter that could be taken as indicating that a statement in the declaration was incorrect, specify the matter that could be taken as indicating that a statement in the declaration was incorrect.

8        Financial statements to be provided

(1)     A registered person shall provide to the Commission financial statements in respect of each accounting period.

(2)     The statements shall be provided –

(a)     within 4 months after the end of the accounting period; or

(b)     if the Commission thinks there are special circumstances in relation to the registered person, within the period (being not more than 8 months after the end of the accounting period) that the Commission permits.

(3)     The financial statements shall be accompanied by –

(a)     a declaration;

(b)     an auditor’s report in respect of the financial statements and the declaration;

(c)     any report prepared by an internal or external auditor that is available to the registered person and addresses a material relevant matter; and

(d)     brief details of any report prepared by an accountant or consultant that is available to the registered person and addresses a material relevant matter.

(4)     In paragraph (3)(c) and (d) “relevant matter”, in respect of a registered person, means –

(a)     a breakdown or material weakness in the person’s internal controls or procedures; and

(b)     any subsequent recommendations of the auditor, accountant or consultant as to how to improve those procedures.

(5)     The financial statements shall be prepared in accordance with –

(a)     International Accounting Standards; or

(b)     the Generally Accepted Accounting Practice (GAAP) of –

(i)      the United Kingdom,

(ii)      the United States of America, or

(iii)     if the registered person is a body corporate and has the prior approval of the Commission, the country or territory in which the beneficial owner of the body corporate is situated.

(6)     The financial statements shall show a true and fair view of –

(a)     the state of affairs of the registered person at the end of the relevant accounting period; and

(b)     the registered person’s profit or loss for that period.

(7)     A registered person who fails to comply with a requirement of this Article shall be guilty of an offence and shall be liable to a fine.

9        Consolidated financial statements

(1)     This Article applies if –

(a)     a registered person is a member of a group of companies or partnerships; and

(b)     the accounting standards in accordance with which, under Article 8(5), a registered person shall prepare financial statements, allow consolidated financial statements to be prepared in respect of the members of the group.

(2)     If this Article applies, the consolidated financial statements of the group of which the registered person is a member may be provided by the person under Articles 5(1) and 8(1) instead of the financial statements otherwise required to be provided under those Articles.

(3)     The consolidated financial statements shall show a true and fair view of –

(a)     the state of affairs of the group as at the end of the relevant accounting period; and

(b)     the profit or loss of the members of the group for that period.

(4)     If members of a group acting in accordance with this Article have provided their auditor with consolidated financial statements for the purpose of Article 5(1), the auditor shall for the purpose of Article 7(3) issue a single auditor’s report in respect of all the separate declarations made by the members of the group in compliance with Article 6(1).

10      Circumstances to be communicated to the Commission by auditors, accountants and others

(1)     The circumstances in which matters to which Article 18 of the Law applies shall be communicated to the Commission are those circumstances that give a registered person’s auditor (whether appointed by virtue of this Order or otherwise), or any reporting person in respect of the registered person, reasonable cause to believe that –

(a)     a ground for revoking a registration specified in Article 9(4) of the Law has occurred or may occur in respect of the registered person; or

(b)     as a result of a breach of –

(i)      a requirement, of a Code of Practice issued under Article 19 of the Law, that applies to the registered person,

(ii)      a requirement, of a law, that applies to the registered person, or

(iii)     internal controls or procedures,

a client of the registered person has incurred, or is at significant risk of incurring, a material loss.

(2)     In this Article “reporting person”, in respect of a registered person, means an auditor, accountant, or another person nominated or approved by the Commission in respect of the person in accordance with Article 8(5), or Article 32(4), of the Law.

11      Exemption from Articles in this Part

(1)     A registered person may apply to the Commission for an exemption from the requirements of all or any of Articles 2 to 9.

(2)     The Commission may, after receiving from a registered person an application under paragraph (1), by notice in writing to the person, exempt or refuse to exempt the person from the application of all or any of Articles 2 to 9.

(3)     The Commission may only grant an exemption under paragraph (2) in relation to a person if the Commission is satisfied that, because of the general insurance mediation business that the person carries on or intends to carry on, no client of the person is likely to be prejudiced by the grant of the exemption.

(4)     An exemption may be granted under paragraph (2) subject to the registered person complying with any conditions specified in the notice of exemption.

(5)     The Commission may revoke an exemption granted under paragraph (2) if it satisfied that –

(a)     the registered person to whom the exemption was granted has contravened or failed to comply with a condition of the exemption; or

(b)     a client of the person is likely to be prejudiced by the fact that the exemption has been granted.

(6)     The Commission may only amend a condition of an exemption granted under paragraph (2), or revoke an exemption granted under paragraph (2), if it has, at least 14 days before, issued a notice to the person to whom the exemption was granted asking the person to show cause, within 14 days after the notice is issued, why the condition should not be amended or the exemption revoked as specified in the notice.

PART 3

SOLVENCY

12      Interpretation

In this Part, unless the context otherwise requires –

“approved assets”, in relation to a registered person, means –

(a)     cash held by the registered person, or cash held in the name of the registered person in an account at an approved bank;

(b)     bank certificates of deposit;

(c)     Eurobonds approved by the Commission;

(d)     government securities quoted on a recognized stock exchange;

(e)     net investment income receivable in relation to assets specified in any of paragraphs (a) to (d) of this definition;

(f)      brokerage income receivable;

(g)     accounts receivable, net of provisions for bad debts;

(h)     tangible fixed assets at written down value; and

(i)      irrevocable letters of credit provided by an approved bank;

“approved bank”, in relation to a insurance broking account, means –

(a)     if the account is opened at a branch in Jersey – a person registered under the Banking Business (Jersey) Law 1991 ; and

(b)     if the account is opened at a branch outside Jersey –

(i)      an institution authorized under the Banking Act 1987 of the United Kingdom, as in force from time to time,

(ii)      a credit institution (as defined in Directive No. 77/780/EEC, the First Banking Directive on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions) established in any other Member State of the European Community and duly authorized by the relevant supervisory authority in that Member State,

(iii)     an institution authorized under the Banking Act 1975 of the Isle of Man, as in force from time to time,

(iv)     an institution authorized under the Banking Supervision (Bailiwick of Guernsey) Law 1994 as in force from time to time,

(v)     a building society registered and incorporated under the Building Societies Act 1986 of the United Kingdom, as in force from time to time, which operates a deposit-taking business (within the meaning of the Banking Act 1987 of the United Kingdom as in force from time to time) without restriction,

(vi)     a bank which is a company in the same group as an institution described in paragraph (a) or (b)(i) to (iv) of this definition; and

(vii)    any deposit-taking business within the meaning of the Banking Business (Jersey) Law 1991 that is approved by the Commission;

“bank” means any institution which lawfully carries on deposit-taking business in the country in which it was established;

“brokerage income”, in relation to a registered person, means the net retained brokerage and other income arising from general insurance mediation business activities by the registered person in each accounting period;

“insurance broking account”, in relation to a registered person, means –

(a)     an account at an approved bank; or

(b)     if the Commission has, under an Order made under Article 20 of the Law, issued a waiver in relation to client money received by the registered person – the account containing the client money at the bank specified in the waiver,

which account –

(i)      holds the money of one or more clients;

(ii)     is in the name of the registered person;

(iii)     includes either words in its title indicating that it is an insurance broking account or other information which sufficiently distinguishes it as an account containing client money; and

(iv)    is a current or deposit account (or, if the bank is an approved bank that is a building society within paragraph (b)(v) of the definition of “approved bank”, is a deposit (and not a share) account);

“recognized stock exchange” means any market for the buying and selling of securities, which market is situated in, and recognized as a stock exchange of –

(a)     any member state of the European Union;

(b)     Australia, Singapore, South Africa, Sweden, Switzerland or the United States of America; or

(c)     any other country or territory, if the stock exchange is approved by the Commission.

13      Margins of solvency

(1)     For the purposes of this Part, a registered person has the required margin of solvency in relation to the person’s insurance broking accounts on a particular day if the total of –

(a)     the amount of money in the person’s insurance broking accounts on that day; and

(b)     the total on that day of those debts, related to general insurance mediation business, that are due to the registered person from clients and insurance companies,

is greater than the registered person’s liabilities, in respect of general insurance mediation business, that are due to clients and insurance companies.

(2)     For the purposes of this Part, a registered person has the required margin of solvency in relation to the person’s general insurance mediation business on a particular day if the approved assets on that day of the registered person in relation to that business exceed the amount on that day of the registered person’s liabilities in relation to that business by at least £10,000, or 5% of the person’s net brokerage income on that day, whichever is greater.

(3)     For the purposes of paragraph (2), a person’s net brokerage income on a particular day is the net brokerage income calculated in respect of the 12 month period immediately before the day.

(4)     If, in addition to carrying on general insurance mediation business, a registered person carries on other business that is authorized under a relevant law, the required margin of solvency for the purposes of paragraph (2) shall be an amount that does not include any amounts which the provisions of that law specify to be required to establish the solvency of that other business or to ensure the other business has sufficient capital.

(5)     In this Article, “relevant law” means any of the following laws –

(a)     the Banking Business (Jersey) Law 1991;

(b)     the Collective Investment Funds (Jersey) Law 1988;

(c)     the Financial Services (Jersey) Law 1998;

(d)     the Insurance Business (Jersey) Law 1996.

14      Calculation to be made of margin of solvency

(1)     It is a condition of the registration of a registered person that the person shall, at least once each month, calculate whether the person has, on the particular day in that month to which the calculation relates, the required margin of solvency in relation to the person’s insurance broking accounts.

(2)     It is a condition of the registration of a registered person that the person shall, in accordance with this Article, calculate whether the person has, on the last day of –

(a)     each accounting period;

(b)     each quarter of the accounting period; and

(c)     each other period, if any, in relation to which the Commission, by a direction issued to the registered person under Article 23 of the Law, requires the person to perform a calculation of the margin of solvency in respect of a period specified in the direction,

the required margin of solvency in relation to the person’s general insurance mediation business.

(3)     The calculation for the purposes of paragraph (2) shall be made –

(a)     for each accounting period – within 30 days after the last day of the accounting period;

(b)     for each quarter of the accounting period – within 30 days after the last day of the quarter; and

(c)     for each period specified in a direction referred to in paragraph (2)(c) – within 14 days after the last day of the period specified in the direction.

15      Commission to be notified if failure to have margin of solvency

It is a condition of the registration of a registered person that the person shall notify the Commission immediately the person becomes aware that, in accordance with calculations made for the purposes of Article 14(1) or (2) in relation to a particular day, the person does not have the required margin of solvency.

16      Commission may require preparation of financial scheme for purpose of returning margin of solvency

(1)     It is a condition of the registration of a registered person that if the person does not have the required margin of solvency in relation to –

(a)     the person’s insurance broking accounts; or

(b)     the person’s general insurance mediation business,

the Commission may, by notice in writing to the person, require the person to submit a proposed financial scheme to the Commission within the period specified in the notice.

(2)     A registered person may submit to the Commission a proposed financial scheme.

(3)     For the purposes of Article 12 of the Law, if a registered person fails to submit to the Commission a financial scheme in accordance with a notice to the person under paragraph (1), the Commission may, in addition to any other action that it may take, apply to the Royal Court under that Article for the appointment by the Court of a special manager in relation to the registered person.

17      Contents of financial scheme

(1)     A financial scheme shall be a scheme for ensuring that, by the end of a period specified in the scheme, the registered person shall have the required margin of solvency in relation to –

(a)     the person’s insurance broking accounts; or

(b)     the person’s general insurance mediation business.

(2)     Without limiting the generality of paragraph (1), a financial scheme may include proposals for –

(a)     the appointment by the registered person of a special manager, who is acceptable to the Commission, in relation to the registered person; and

(b)     the discontinuance, in whole or in part, of all or part of the person’s general insurance mediation business.

18      Approval of financial schemes by Commission

(1)     The Commission shall, where a scheme has been submitted to it under Article 16(2) by a registered person –

(a)     approve the scheme;

(b)     modify the proposed scheme (including by modifying the period specified in the scheme) and, if the registered person who submitted the scheme approves the modifications, approve the scheme as modified; or

(c)     refuse to approve the scheme.

(2)     If the Commission refuses to approve a scheme submitted to it under Article 16(2) by a registered person, the Commission may apply to the Royal Court under Article 12 of the Law for the appointment by the Court of a special manager in relation to the registered person.

(3)     The Commission may, on the application of a registered person, amend a scheme that it has approved under paragraph (1) in relation to the person.

19      Registered person shall comply with requirements of scheme

(1)     It is a condition of the registration of a registered person that he or she shall implement, and comply with any requirement of, a financial scheme that is approved in relation to the person under Article 18 and that is in force.

(2)     For the purposes of Article 12 of the Law, if a registered person fails to implement, or to comply with a requirement of, a scheme that is approved in relation to the person under Article 18 and that is in force, the Commission may, in addition to any other action that it may take, apply to the Royal Court under Article 12 of the Law for the appointment by the Court of a special manager in relation to the registered person.

20      Subordinated loan agreements

It is a condition of registration of a registered person that the person shall not enter into a subordinated loan agreement except with the prior approval of the Commission.

PART 4

CONCLUDING PROVISIONS

21      Exemptions[1]

(1)     This Order does not apply in relation to a person if the person is exempted by the Commission under this Article from the application of this Order.

(2)     A person may apply to the Commission for exemption from the application of this Order.

(3)     The Commission may, after receiving from a person an application under paragraph (2), exempt the person from the application of this Order if the Commission is satisfied that the person is an appropriately regulated person within the meaning of paragraph (4), (5), (6) or (7).

(4)     A person is an appropriately regulated person if the person is –

(a)     authorized to carry on general insurance mediation business under the Financial Services and Markets Act 2000 of the United Kingdom, as in force from time to time;

(b)     an appointed representative of an insurance company, or of an insurance intermediary, that is authorized under the Financial Services and Markets Act 2000 of the United Kingdom as in force from time to time;

(c)     an appointed representative of an insurance company that is authorized under the Insurance Business (Jersey) Law 1996; or

(d)     an appointed representative of an insurance intermediary that is authorized under the Financial Services (Jersey) Law 1998.

(5)     A person is an appropriately regulated person if the person is –

(a)     registered or otherwise authorized to carry on general insurance mediation business under an enactment, as in force from time to time, of a country or territory other than the United Kingdom or Jersey;

(b)     regulated, in respect of his or her carrying on general insurance mediation business, by a regulatory body of that country or territory; and

(c)     in respect of his or her carrying on general insurance mediation business, subject to a regulatory regime that is sufficient to ensure that no person is liable to be placed at undue financial risk by virtue of the person being exempted from the application of this Order.

(6)     A person is an appropriately regulated person if the person is –

(a)     the agent of a principal;

(b)     registered or otherwise authorized to carry on general insurance mediation business under an enactment, as in force from time to time, of a country or territory other than the United Kingdom or Jersey; and

(c)     in respect of his or her carrying on general insurance mediation business, subject to a regulatory regime that is sufficient to ensure that no person is liable to be placed at undue financial risk by virtue of the person being exempted from the application of this Order.

(7)     A person is an appropriately regulated person if –

(a)     the person is the agent of a principal;

(b)     the principal is registered or otherwise authorized to carry on general insurance mediation business under an enactment, as in force from time to time, of a country or territory other than the United Kingdom or Jersey; and

(c)     the principal is, in respect of his or her carrying on general insurance mediation business, subject to a regulatory regime that is –

(i)      imposed and supervised by a regulatory body of the country or territory in which the principal is registered or authorized, and

(ii)      sufficient to ensure that no person is liable to be placed at undue financial risk by virtue of the person being exempted from the application of this Order.

(8)     The Commission may revoke an exemption in relation to a person if the Commission is no longer satisfied that the person is an appropriately regulated person within the meaning of paragraph (4), (5), (6) or (7).

22      Transitional provision – financial statements not previously audited

(1)     This Article applies to a registered person who, before the 17th February 2005, had not obtained audited financial statements in respect of the registered person.

(2)     Article 5 and sub-paragraphs (b) and (c) of Article 8(3) do not apply to a registered person to whom this Article applies.

(3)     The Commission may, on the application of a person to whom this Article applies, extend the period of 4 months referred to in Article 8(2) to a period of not more than 8 months from the end of the accounting period in respect of the person.

(4)     This Article only applies in relation to the first occasion on which the registered person is required to submit financial statements in accordance with this Order.

23      Citation

This Order may be cited as the Financial Services (General Insurance Mediation Business (Accounts, Audits, Reports and Solvency)) (Jersey) Order 2005.

 


Endnotes

Table of Legislation History

Legislation

Year and No

Commencement

Financial Services (General Insurance Mediation Business (Accounts, Audits, Reports and Solvency)) (Jersey) Order 2005

R&O.12/2005

17 February 2005

Financial Services (General Insurance Mediation Business (Accounts, Audits, Reports and Solvency)) (Amendment) (Jersey) Order 2005

R&O.182/2005

1 December 2005

Table of Endnote References



[1] Article 21                     substituted by R&O.182/2005


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